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5 fantastic reasons to work with a mortgage broker

January 06, 2023

While you can take out a mortgage without the support of a mortgage broker, their help can be invaluable. 

Whether you’re a first-time buyer, moving home or remortgaging, a broker can help you understand all your options and could help you save money. Here are five reasons to choose an independent broker. 

How could a mortgage broker help you?

1. A mortgage broker will search the market with your needs in mind

There are many mortgage lenders available, and some don’t have a high street presence. If you’re applying for a mortgage alone, it can be difficult and time-consuming to go through all your options and understand the criteria of each provider. If you work with a mortgage broker, they’ll help you find the right deal for you.

In some cases, a mortgage broker may also be able to access a better rate of interest than you would receive if you applied alone. It means your repayments and the overall cost of borrowing could be lower. 

The knowledge mortgage brokers have is even more useful if your circumstances aren’t straightforward. For example, if you’re self-employed or have a poor credit score, they can identify which lenders are most likely to approve your application and explain the evidence you need to supply. 

2. They can explain the different mortgage options to you

There are several different types of mortgages you’ll need to consider – do you want a repayment or interest-only mortgage? Would you prefer the interest rate to be fixed or variable?

A mortgage broker can explain the different options available to you. Tailored advice means you can understand how your decisions will affect your finances now and in the future. It means you’ll have the information you need to choose the right mortgage for you. 

3. A mortgage broker can provide support throughout the application process 

Applying for a new mortgage can seem complex. A mortgage broker will work with you throughout the process, such as checking your paperwork to avoid any mistakes. It can make the process smoother and mean if you have any questions, there’s someone you can speak to. 

If you’re buying a new home, having someone on your side that understands the process and can keep everything moving in the right direction can be invaluable. 

4. They can offer guidance about financial protection 

As well as helping you with your mortgage needs, a mortgage broker can also offer guidance about financial protection.

Financial protection can provide you with a safety net when you need it most. Depending on the type of protection you pick, it may pay out if you’re unable to work due to illness or provide a lump sum if you or your partner passes away. 

It’s common to think about how you’d cope financially in unexpected circumstances when you’re taking on a large financial commitment. Yet, financial protection is something many homeowners overlook. A report in Mortgage Solutions suggests that just 17% of workers have income protection. 

Financial protection can provide you with peace of mind. It means you could meet mortgage repayments and other expenses if your income stops. 

5. A mortgage broker can help you secure a new deal when your current one ends

Often, you’ll need to take out a new mortgage when your current deal ends to access the lowest interest rates available.

Usually, mortgage deals will last for two, three, or five years. So, you’re likely to need to go through the mortgage application process several times, even if you stay in your current home. A mortgage broker that you’ve worked with previously can remind you when you should start looking for a new deal and offer support. 

When your mortgage deal ends, you will usually be moved on to your lender’s standard variable rate (SVR), which often isn’t competitive. It could mean you’re paying a higher rate of interest than you need to.

According to Unbiased, 1 in 4 homeowners could be paying around £4,000 extra each year because they’re paying an SVR. 

Contact us to discuss your mortgage

We can work with you to find a mortgage that suits your needs and offer guidance throughout the process. Please contact us to arrange a meeting. 

Please note:

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it.

What our clients say

The people we help are at the heart of what we do. Here are some of their testimonials.

I would highly recommend Darius and John. I’ve used a financial adviser previously and could never get in contact with them when I needed their help. Stratton Wealth Management have been excellent from the start. They are always available to talk, and they also don’t talk in financial jargon!

Dave Rigby -

A client since 2015

Having recently transferred my financial management to Stratton Wealth Management, I have been extremely impressed with the highly professional service I have received. I feel I have been fully involved in all decision making, and the company's highly skilled advisers have shown commitment and patience in any dealings I have had with them. I have also always found them to be easily accessible for any discussion I may require.

Denise Thornton -

A client since 2019

As a business owner and father of four children, finances are usually the last thing we think about. Stratton oversees and manages our finances, both in terms of advice for my business and our personal investments. It is comforting to know that our retirement, investment and life insurance planning has been taken care of. Darius and John are always so efficient in dealing with our affairs. As someone with no real understanding of the ins and outs, it has been fantastic to have experts giving us great advice and making sure our best interests are always the top priority.

Lee and Claire Parkinson -

Clients since 2016

Darius deals with my family’s finances and is a very trusted adviser. We meet a number of times a year, but I know I can call him any time if I have any questions. He is proactive, helpful and friendly!

Jonathan Dennis -

A client since 2019

I knew I needed to begin saving and planning for the future but didn’t know where to start. Stratton helped me to understand my finances and put together a savings plan that is affordable and works for me. I now have and an ISA and a pension, and whilst retirement is many years away, I have the peace of mind that I am saving for my future. I look forward to working with them for many years to come.

Martin Corrigan -

A client since 2016

I have been impressed with the advice and service provided by Stratton Wealth Management and have always found Darius to be approachable, dependable and highly professional in his approach. It is reassuring to be able to have such a high level of confidence and trust when it comes to financial advice.

Russell Jones -

A client since 2018

Many thanks indeed for your in depth report for my client Mrs H – it is most thorough and above all readable. This might sound particularly strange; however you may well gather that in my profession we see many such reports, and I often feel that if the adviser fills it with charts and graphs it evidences a level of research. In truth most of what is produced is readily obtainable from the internet.

I would like to thank you (and your organisation) for your prompt and professional attention to my requirements on behalf of my client. As a practice we shall definitely be putting Stratton Wealth Management on our “preferred supplier list".

Colin Dunstall, Donaldson Dunstall Solicitors -

A client since 2015